California gold spurs new rush

Sutter Gold Mining Company (Venture:SGM) believes there are millions of dollars of the yellow metal still to be found in California and it is weeks away from starting full-scale mining, reports ABC News (video embed below).

Their Lincoln Mine is 45 miles southeast of Sacramento where it is situated in the historic Mother Lode, which was discovered in the early 1850s and formerly one of the most productive gold-producing districts in the United States.

The company's chief geologist says they have a reserve estimate of approximately 650,000 ounces.

At current market prices, they believe they are sitting on more than $1 billion worth of gold.

Check out the mine:

(Feb. 29 note: ABC upgraded their website such that the original printed transcript is no longer available and a 30-second commercial now plays before the main video clip of the mine)